Skip to comments.Initial jobless claims climb 17,000 to seasonally adjusted 361,000 in the week ended Dec. 15
Posted on 12/20/2012 6:56:37 AM PST by SeekAndFindEdited on 12/20/2012 6:57:51 AM PST by Admin Moderator. [history]
First-time claims for unemployment benefits climbed 17,000 in the latest week, though to a level that suggests the U.S. labor market is continuing its steady but painfully slow improvement.
The Labor Department said Thursday that first-time jobless claims rose to a seasonally adjusted 361,000 in the week ended Dec. 15, versus a slightly upwardly revised 344,000 in the prior week. Thatís almost exactly in line with the MarketWatch-compiled economist consensus of 360,000.
(Excerpt) Read more at marketwatch.com ...
nahhhhh.. can’t be
Someone please explain to me how MORE people signing up for UE benefits shows the economy as “turning around”.
As businesses assemble their budgets they will be programing in the now inevitable Obamacare. It has taken time for the “unexpected” reelection of Obama to get input into the planning. Look for a lot of new unemployment and underemployment in the coming months.
Initial jobless claims have regularaly been lower than the actual number that is finally tallied up, several weeks later, and none take into account the number of “early retirements” or “disability claims” that are also going on, in increasing numbers. Baby Boomers are retiring now, and the result is a precipitous drop in the number of “employable” workers in relation to the total population.
Of course, the Boomers look at what their take-home pay level decreases to, and they may decide to continue working, part-time or “off the books” kind of moonlighting, cash only as a daily hire, not reporting THAT income.
If not for this underground economy, the country just might be in much worse shape than is now recognized.
Another tell-tale sign - the Mexicans are going back home, self-deporting, as it were, because currently Mexico is growing its economy much faster than the US. And taking those skills they gained here in the US back to Mexico just means a larger and more able labor pool in that country.
And still the US founders, like a ship that has just come to grief upon a reef.
Was that “expected”?
The election is over. They expect bad news. They will report the bad news. They will make no apologies. They don't have to care any more.
They can't keep covering it up forever. The problem is spending and interest, and no politician is going to do anything about the free lunch crowd problem. Unless something changes for the better, the only way to go is down.
Even the GDP reports today are based on nothing but printed money (and lots of it).
Employment usually gets a boost from temporary holiday jobs. I see no such boost in these numbers.
Because unemployment benefits stimulate the economy? At least, Pelosi thinks so.
Is there any other type of 'revision'? The numbers are ALWAYS revised upward! Report low to show 'improvement' and then quietly raise them the following week. Rinse and repeat.